First Home Guarantee places available | Kaboodle Finance

First Home Guarantee places available

August 31, 2022

First Home Guarantee places available

We are pleased to advise that 40,000 places are now available in the First Home Guarantee scheme (formerly known as the First Home Loan Deposit Scheme). The First Home Guarantee is an Australian Government initiative designed to help eligible first home buyers purchase a home sooner. Instead of needing to save a 20% deposit to avoid lenders mortgage insurance, a 5% deposit is all that is required with the government underwriting the lenders mortgage insurance that would have been otherwise payable by the applicant.

Please note the below eligibility criteria:

  • applying as an individual or couple (married / de facto)
  • an Australian citizen(s) at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
  • intending to be owner-occupiers of the purchased property
  • first home buyers who have not previously owned, or had an interest in, a property in Australia

Eligible Properties

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse

Use the postcode search tool to look up the property price caps for each location.

How to apply for the scheme

To receive a place in the scheme, you simply need to apply for a home loan pre-approval. Once you receive pre-approval from a participating lender, you will be assigned a place on the scheme. You then have 90 days to purchase a property.